Pro Commentary Lite ... 23rd November 2007 ... USDJPY

An excerpt from FX-Strategy’s Pro Commentary
[B]Price:[/B] 108.05
[B]Resistance:[/B]108.60109.15109.40109.56[B]Support:[/B]107.82107.53107.20106.89

[B]Bias:[/B]Mixed – waiting for breaks – watch supports at 107.53-61, 107.20 and 106.54
[B]Daily Bullish:[/B]The breach of 108.30 opens up some cause for concern over the view that we should be viewing a base at this time. However, I still think we should keep this in mind and watch potential supports at 107.53-61 and 107.20. Only a break back above the 108.59-75 peaks would provide earlier relief. If seen then take things carefully but only above the 109.13-40 area would provide a stronger signal of more sustainable gains. [B]MT Bullish:[/B]We shall have to put any bullish thoughts on hold. I can still see potential downside targets at 107.20-53 and 106.54. Only an earlier break above 109.40 and then 110.60 would bring greater relief. ([B]23rd November[/B])[B]Daily Bearish:[/B]Loss of 108.30 is concerning. The downside target there can allow some small margin of variance but if we see much further lower the downside can be quite steep. First supports are at 107.53-61 and then 107.20. Watch these first. Only below the lower would extend losses to 106.54. Aggressive losses have a 105.37 target.[B]MT Bearish:[/B]Loss of 108.30 is concerning with the next larger target at 105.37. In between observe possible reactions from 107.20-53 and 106.54. ([B]23rd November[/B])

[B]ELLIOTT WAVE COMMENTS[/B]

[B]23rd November[/B]

We have breached the 76.4% projection in Wave (v) which originated at 124.13. We could allow a small extension to the 61.8%-66.7% projection in Wave v of Wave (b) at 107.53 and 107.20.

However, much below that seems to point to a wave equality target of the 124.13-111.57 decline which would imply a low at 105.37.
[B]Ian Copsey[/B]
[B]See Also[/B]

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[li]FX-Strategy Pro Commentary[/li]Unique, guiding analysis[/ul]